“More than 3.5 million shares changed hands in a fury of last-minute trading, and when the dust cleared, Apple had fallen 5.27 points (2.6%) for the day to close at $196.97. Nearly 3 of those points were lost in the final 12 minutes, when $2.66 billion of the company’s market capitalization evaporated in less time than it takes to drink a latte,” Elmer-DeWitt reports
“What happened? That’s for the SEC to determine, assuming they care. But investors were deeply suspicious. In a day when the Dow climbed more than 126 points, there was no news bad enough to trigger a raid on Apple, no downgrades or negative analyst reports,” Elmer-DeWitt reports.
“There was, however, some interesting back-channel chatter on the finance boards and among hedge fund managers. including rumors that Steve Jobs needs another organ and that Apple’s Cyber Monday sales were terrible. (In fact, traffic at its online store was up 39% year over year on Black Friday and 71% on Cyber Monday),” Elmer-DeWitt reports.
Full article here.
MacDailyNews Take: Bring back the Uptick Rule.
[Thanks to MacDailyNews Reader “JES42” for the heads up.]